OTHER BORROWINGS

9 Months Ended

Jun. 30, 2023

The following table details the components of our other borrowings, which are primarily comprised of short-term and long-term FHLB advances and subordinated notes.


	June 30, 2023					September 30, 2022
$ in millions	Weighted average interest rate		Maturity date	Balance		Weighted average interest rate		Maturity date	Balance
FHLB advances:
Floating rate - term (1)	5.36	%	December 2023 - March 2025	$	850	3.32	%	December 2023	$	850
Floating rate - overnight (1)	—	%	Overnight	—		3.11	%	Overnight	140
Fixed rate	5.59	%	September 2023	150		3.45	%	December 2022	200
Total FHLB advances				1,000					1,190
Subordinated notes - fixed-to-floating (including an unaccreted premium of $2 and $2, respectively)	5.75	%	May 2030	100		5.75	%	May 2030	100
Other				—					1
Total other borrowings				$	1,100				$	1,291

(1) Interest rates on these advances reset daily.

We use interest rate swaps to manage the risk of increases in interest rates associated with the majority our floating-rate FHLB advances by converting the balances subject to variable interest rates to a fixed interest rate. Refer to Note 2 of our 2022 Form 10-K and Note 5 of this Form 10-Q for information regarding these interest rate swaps, which have been designated and accounted for as cash flow hedges. Refer to Note 6 for more information regarding bank loans, net and available-for-sale securities pledged with the FHLB as security for our FHLB borrowings.

Subordinated notes

Our subordinated notes incur interest at a fixed rate of 5.75% until May 2025 and thereafter at a variable interest rate equal to 3-month CME Term SOFR plus a spread adjustment of 5.62% per annum. Refer to Note 16 of our 2022 Form 10-K for additional information regarding these borrowings.

Credit Facility

In April 2023, we amended and extended our revolving credit facility agreement (the “Credit Facility”), a committed unsecured line of credit under which either RJ&A or RJF have the ability to borrow. As a result of the extension, the Credit Facility reflects a term through April 2028 and provides for maximum borrowings of up to $750 million. The interest rates on borrowings under the Credit Facility are variable and based on the Secured Overnight Financing Rate (“SOFR”), as adjusted for RJF’s credit rating. There were no borrowings outstanding on the Credit Facility as of June 30, 2023 or September 30, 2022. There is a facility fee associated with the Credit Facility, which also varies with RJF’s credit rating. Based upon RJF’s credit rating as of June 30, 2023, the variable rate facility fee, which is applied to the committed amount, was 0.125% per annum.

For further information on our other borrowing arrangements refer to Note 16 of our 2022 Form 10-K.